International Value Advisers, LLC

Contact: Cynthia Lederer

717 5th Avenue
10th Floor
New York
NY
10022
United States

Tel: 212-324-2467

About International Value Advisers, LLC

International Value Advisers, LLC (IVA) was formed in October 2007 for the purpose of offering investment management services to institutions, qualified high net worth individuals, and financial intermediaries worldwide. The firm is a Registered Investment Adviser with the U.S. Securities and Exchange Commission.

At IVA, our focus is to attempt to deliver absolute returns for our clients while at the same time preserving their capital. The key elements of our investment philosophy are:

  • A search for fundamental (as opposed to relative) value
  • Stock picking based upon rigorous, in-house research
  • Flexible, "go anywhere" approach to investing with a diverse asset class, geographic and capitalization mix

Strategy
International Value Advisers, LLC (IVA) will seek long-term growth of capital by investing in a range of securities and asset classes from markets around the world. Over the short-term (12-18 months), our attempt is to try to preserve capital, while over the longer-term (5-10 years, i.e., over a full economic cycle), we seek to outperform equity indices. We are absolute return oriented investors.

Investment Approach
We employ a fundamental, bottom-up approach and have a preference for quality businesses with securities trading at what we believe to be a meaningful discount to our intrinsic value estimate. We define intrinsic value as "the amount that a knowledgeable investor or corporate competitor would pay - in cash - for 100% of the economic and controlling interests of a company.” A security is deemed attractive if there is a suitable margin of safety, meaning that the market price of a security is trading at a meaningful discount to its intrinsic value estimate. The size of the discount required and the position size is determined by the following criteria: quality of business, quality of balance sheet, quality of capital allocation, ability for intrinsic value growth, quality of management, liquidity/free float, dividend payout, and concentration/quality of shareholders.

Additionally, we employ a flexible approach, which may include securities across all asset classes (equities, fixed income, gold, cash) and securities throughout the capitalization spectrum (small, mid, large caps).

We believe that this investment approach emphasizes capital preservation while still providing the capacity to outperform equity indices over the long term.

IVA’s computation of a company’s intrinsic value is based on internally generated assumptions and opinions of key variables affecting the company’s business. These variables may materially influence the assessed intrinsic value and perceived margin of safety to the internally calculated intrinsic value. Variables used in the computations are the opinion of IVA and may change without notice at any time.

1 job with International Value Advisers, LLC

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  • Securities Analyst

    • New York City, New York (US)
    • Salary commensurate with experience.
    • International Value Advisers, LLC

    Looking for a Securities Analyst with at least 3 years experience in fundamental equity (or credit) research & a good working knowledge of accounting.